WALL STREET CRAPS STOCK MARKET STRATEGY APRIL 23, 2019
STOCK MARKET STRATEGY FOR APRIL 23, 2019: The stock market hits oversold readings on Monday giving us a brief short-term buy signal. That signal proved to be a timely entry points for today’s strong rally. With the bottom being only a day ago, it is certainly possible for the market to continue its rally for several more days. This has certainly been a classic “climb the wall of worry” rally with no apparent reason to stop its climb especially with its most recent pause to refresh.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 42 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 47 (neutral)
- Volatility Indicator – Ultimate Indicator – 61 (neutral)
- S&P 500 % Above 50-Day Moving Average – Ultimate Indicator – 44 (neutral)
- Nasdaq 100 % Above 50-Day Moving Average – Ultimate Indicator – 43 (neutral)
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THE BOTTOM LINE: The stock market registered a short term oversold bottom on Monday. While the market is hitting resistance near its old highs, the timing of yesterday’s bottom gives it lots of time to work itself higher.